ConsMedia bid setback for Seven

Kerry Stokes
’s
Seven Group Holdings
has been dealt a setback in its attempt to gain clearance for a takeover bid for pay TV company
Consolidated Media Holdings
after the corporate regulator asked for more information.

The Australian Competition and Consumer Commission has asked for more information from Seven Group and subsequently suspended the time line for its inquiries.

The ACCC was scheduled to announce a decision on Thursday next week about Seven Group’s request to acquire the 76 per cent of ConsMedia it does not already own.

The ACCC is still scheduled that day to reveal its decision on News Limited’s $2 billion full takeover bid for ConsMedia, which owns 25 per cent of Foxtel and 50 per cent of Fox Sports Australia.

“We are standing by to be advised on timings for the ACCC deliberations and rulings," said a spokesman for Seven Group.

“We’re also happy with our significant shareholding in Consolidated Media and we await the ACCC’s rulings on our applications and further details of any offer."

Seven Group, which is 68 per cent owned by Mr Stokes, would have to pay more than $1.5 billion to beat News’s offer of $3.50 per share in cash.

Gaming mogul
James Packer
, who owns 50 per cent of ConsMedia, has described News’s offer as “fair".